King: Steps will be taken to strengthen fiscal standing

  • Nation
  • Wednesday, 19 May 2004

KUALA LUMPUR: Steps will be taken to strengthen the country’s fiscal standing during the end period of the Half-Term Review of the Eighth Malaysia Plan to ensure that there will be more effective public spending, the Yang di-Pertuan Agong Tuanku Syed Sirajuddin Tuanku Syed Putra Jamalullail said. 

He said the Government would continue to practise conducive and sustainable fiscal policies. 

Previously, he said, efforts to boost investment and public expenditure were carried out to ride out the effects of the slowdown in the world economy and unsatisfactory performance by the private sector. 

“However, a fiscal stimulation policy like this cannot go on because it can affect the nation’s financial standing,” he said. 

The private sector, he said, must play its role as the catalyst of growth by boosting existing investments and creating new investments.  

“Therefore, focus will be on more domestic investment. Foreign investments will continue to be encouraged particularly in strategic and new areas,” he said. 

He called on government-owned companies to implement good management practices, focus on productivity, spend wisely and carry out viable investments. 

The King also said economic growth was important, adding that with no job opportunities, low purchasing power and the poor not having enough money to buy food, the people could not think rationally. 

“They will be influenced by their emotions and act irrationally. They will be easily influenced by baseless allegations and their actions can ruin the nation’s security and peace. I call on the people to make sure this does not happen,” he said. 

He commended the Government for improving its public service to ensure that it was competitive and resilient.  

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